Customer objection "Expensive!" does not always mean that the price of a product or service is really high. First you need to find out the reason for the objection, after which in most cases it can be overcome.
Why does the client say "Expensive"
There can be many reasons for such a buyer's objection. The most commonplace is that the client is counting on a discount. There is a type of people who are used to bargaining anytime, anywhere, even if the price of the product or service is quite reasonable. The objection "Expensive" in this case is used to start bargaining.
Another reason for criticism is comparison. The client can compare the cost of a product or service with the cost of the previous year, the price of a competitor, or his own ideas about how much this product should cost. Also, the reason for the objection may be the insolvency of the client himself.
In order to work with objections and overcome them, you need to establish the cause. Sometimes, to find out the reason, it is worth asking the client directly.
Dealing with the "Expensive" objection
Having established the reason why the client says "Expensive", you can proceed to work with the objection. So, if a customer is just trying to get a discount from you, you don't have to go along with them. In such a situation, you need to throw all your efforts to interest the buyer, justify the price, emphasize the merits of the product itself, as well as related services. Only if the client continues to bend his line, and you feel that without providing a discount, the deal will simply fail, it makes sense to consider an option to reduce the price for a specific client. This option is quite justified if it is a regular customer or a potential regular customer, a buyer purchasing a large batch of goods, etc.
It's a little more difficult to deal with the objection of a buyer comparing your price to that of a competitor. One of the main mistakes sellers make is that they start making excuses by saying that they have higher purchase prices, higher rent, or higher transportation costs. These are all your problems, and the client does not care about them. Your task is to culturally indicate the benefits that the client will receive by working with you.
At the same time, it is advisable to know exactly how you can surpass your competitors. For example, a longer warranty for the product, better service, availability of documentation, etc. In the competitive struggle, it is important not to go too far: in no case speak badly about your competitors, criticizing the quality of someone else's product, service or something else.
If the price is really high for a particular customer, you only have two options. The first is not to work with this client. The second is to offer him an installment plan, a deferral or some other payment method acceptable to both parties to the transaction.